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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 35
Which of the following is false with respect to the standard mileage rate? a. It can be used if the taxpayer owns the vehicle and uses the standard mileage rate for the first year it was placed in service.
B) It includes parking fees, tolls, and property taxes on the vehicle.
C) It encompasses depreciation or lease payments, maintenance and repairs, gasoline, oil, insurance, and vehicle registration fees.
D) It does not include interest expense on acquisition of the automobile.
B) It includes parking fees, tolls, and property taxes on the vehicle.
C) It encompasses depreciation or lease payments, maintenance and repairs, gasoline, oil, insurance, and vehicle registration fees.
D) It does not include interest expense on acquisition of the automobile.
Explanation
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It is true with respect to the standard ...
Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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